Russian tycoon reveals asset details

Article |
17 February, 2011 06:01 PM

For the first time in over 10 years, Russian oligarch Roman Abramovich has released details of his assets, which are worth an estimated £11 billion.

Abramovich, known in the UK for his ownership of Chelsea Football Club, has revealed this information as he plans to stand for elections to the regional parliament in Chukotka, a far-east part of Russia. According to reports, the document detailing his wealth was released by Russia's election commission. The country's law requires those standing for office to make public the details of their wealth and property to allow for more transparency in operations.

The billionaire holds 22 separate bank accounts worth around £72 million, and his shares in different companies equals £25 million. His ownership of Chelsea Football Club is valued by Forbes to be around £402 million. With 16 properties spread across Britain, the US, France and Russia, the total value of his property is at an estimated £300 million. Besides his widespread estate, Abramovich also boasts a sizeable collection of cars – seven in total, worth around £650,000.

And reports say this is not even the full extent of his wealth. The documentation did not mention any of his other extravagances, as they had not been required as part of the income declaration. These include a number of yachts, including the world's largest superyacht Eclipse worth over £600 million, and a private jet worth more than £100 million.

Despite these assets, Abramovich went down from third place to become the fifth richest man in Russia in a recent survey conducted by magazine Finans, suggesting that Russian billionaires are getting richer. (Continue reading here)